An expert panel approved policy for development of gas fields.
RIL, which had made four consecutive gas discoveries with close to 500 billion cubic feet of in-place reserves in block, proposed immediate relinquishment, its minority partner Hardy Oil and Gas plc of UK said on Wednesday.
OVL, along with Oil India Ltd, had in June agreed to buy Videocon Group's 10 per cent in the same block for $2.48 billion.
The pricing of natural gas will be discussed by the group of ministers concerned on January 29, Union Petroleum Minister Ram Naik said on Wednesday. \n\n\n\n
The strong message from the prime minister is of continuity of policies he considers right with strong emphasis on execution, points out T N C Rajagopalan.
The KG-D6 production is lower than 61.5 mmscmd rate achieved in March, 2010, as a drop in pressure in the wells and increased water ingress has led to a lower per-well gas output.
Production of eight infrastructure sectors expanded at a four-month high of 7.8 per cent in January 2023 on better show by coal, fertiliser, steel and electricity segments, according to official data released on Tuesday.
RIL has raised the marketing margin to $0.15 per million British thermal unit from $0.12 per mmBtu earlier, a source said. The rate, which would be charged over the $4.20 per million British thermal unit base gas price, is however lower than the $0.18 per mmBtu margin charged by state-run GAIL. The increase, he said, was due to the additional risk of 'ship-or-pay,' an obligation under which the company would be obliged to transport the committed volumes or pay for the gas.
The Oil Industry Safety Directorate, under the Petroleum Ministry, carries out safety audits of oil and gas installations, besides formulating and standardising procedures and guidelines for design, operation and maintenance.
According to industry experts, the consumption of petroleum products in the month of April was only 30-40 per cent of what it had been prior to the lockdown. Due to this, refineries were forced to bring down their capacity too.
The state-run Oil and Natural Gas Corporation has walked away with bulk of the 21 oil and gas exploration blocks in the fourth round of new exploration licensing policy.
The production of eight infrastructure sectors rose by 7.5 per cent in October on healthy performance by the segments of coal, natural gas, refinery products and cement, official data released on Tuesday showed. The output of eight core sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had contracted by 0.5 per cent in October 2020, according to the data released by the commerce and industry ministry. Core sectors' growth stood at 4.5 per cent in September this year.
The state-run power utility NTPC Ltd has signed an agreement to buy gas from GAIL India for 10 years at a delivered price of close to $8 per million British thermal unit.
The fields have reserves of about 89 million tonnes
OVL, along with global oil majors such as Royal Dutch Shell, ExxonMobil, Chevron, ConocoPhillips, British Petroleum, Total and China National Petroleum Corporation, is one of the 35 companies short-listed by the Iraqi government for the auction, which includes six oil-producing blocks with recoverable reserves of 40 billion barrels of oil, making it the largest such auction in the world.
Royal Dutch/Shell Group plans to grow its natural gas business relative to its oil assets and intends to supply gas to the United States, the Wall Street Journal reported on Tuesday.\n\n\n\n
If approved, gas price will rise to $6.775 per million British thermal unit from $4.2 currently.
Afghanistan, Pakistan and Turkmenistan signed a joint letter formally inviting India to join a 1,600-km natural gas pipeline project, the Asian Development Bank said on Wednesday.
India and Pakistan will soon finalise the details of the pipeline that will bring natural gas from Iran, a top Pakistan government official said in Islamabad.
India on Monday sought fuel from Qatar to restart the $2.9-billion Dabhol power project in Maharashtra.
CNG price in the national capital on Friday was hiked by 80 paise per kg, while piped cooking gas rates were increased by a steep Rs 5 per cubic metre on the back of the government raising input natural gas prices to record levels. CNG price in the National Capital Territory (NCT) of Delhi has been increased to Rs 60.81 per kg from Rs 60.01, according to information posted on the website of Indraprastha Gas Ltd (IGL) -- the firm which retails CNG and piped cooking gas in the national capital. This is the sixth increase in CNG prices in the last month.
After a series of flip-flops, NTPC is likely to finally sign an agreement with Reliance Industries this week to buy government-allotted natural gas at officially approved price of $4.20 per mmBtu.
India may source liquefied natural gas (LNG) from Indonesia and Qatar for restarting the $2.9 billion Dabhol power plant.
Govt approved a formula, not a price; PetroMin says a substantial rise was inevitable.
Non-core sponge iron plants, petrochemicals units and oil refineries have cornered as much as 13.13 million cubic metres per day out of the 60.76 mmscmd of KG-D6 gas allocated.
The Oil and Natural Gas Corporation is set to win seven of the 20 oil and gas blocks auctioned in January while Reliance Industries would bag six.
On the insistence of petroleum minister Murli Deora, Russian Prime Minister Vladimir Putin is sending Shmatko to attend the conference of energy ministers of the Commonwealth of Independent States that New Delhi is hosting on November 25-26.
Megha Engineering and Infrastructure Ltd made a number of electoral bond purchases close to the date of bagging crucial projects, including the all-weather Zojila tunnel that is being constructed at an estimated cost of Rs 4,500 crore in Jammu and Kashmir.
Joined by high-profile figures like Tesla owner Elon Musk and his running mate, Senator JD Vance, Trump (78) made a passionate plea to "defeat" Vice President Kamala Harris, the Democratic candidate in the November 5 presidential poll.
About two dozen discoveries of the state-owned ONGC, Reliance Industries and the Gujarat State Petroleum Corp (GSPC) in KG Basin alone are languishing for want of right price.
A committee of secretaries is already looking into the issue of pricing, which companies like RIL, British Gas and British Petroleum have said should be market-determined.
India is the third largest consumer of petroleum products, after the US and China.
The wholesale inflation rose to a 13-month high of 1.26 per cent in April fuelled by rising prices of food articles, especially vegetables, amid expectations of RBI holding interest rates in the policy review next month. The wholesale price index (WPI) based inflation has been rising for two months in a row.
Four big global companies - Bayer, GenZero (a wholly-owned arm of financial major Temasek), Shell and Mitsubishi - have decided to scale up their carbon credit programme in nine states to empower farmers. The credits are generated through the adoption of smart agriculture practices - Alternate Wetting and Drying (AWD) and Direct Seeded Rice (DSR). Since over a year, the project, which was being run on a pilot basis, has positively impacted 10,000 farmers, covering more than 25,000 hectares.
"India offers attractive opportunities for foreign investors in petroleum sector under the seventh round of the New Exploration Licensing Policy," Minister of State for Petroleum and Natural Gas Dinsha Patel said on Thursday, while inaugurating a Road Show in Calgary .
Anil Ambani Group firm Reliance Fuel Resources Ltd has sought government permission to lay a Rs 16,000-crore (Rs 160 billion) pipeline to take natural gas from Reliance Industries-operated field off the Andhra coast to its power plant at Dadri in UP.
An empowered group of ministers headed by Defence Minister A K Antony is to consider an Oil Ministry proposal of abolishing the priority ranking according to which natural gas is first given to urea manufacturing fertiliser plants, then to LPG units, followed by power plants, city gas, steel and refineries.
Reliance Industries Ltd has exited the last of its shale gas assets in the US after it agreed to sell its holding in Eagleford shale gas assets for an undisclosed sum of money.
Here is the complete list of ministers in Modi 3.0 and their portfolios:
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